Climate change minister Greg Combet has hailed the passage of the carbon tax in the Senate yesterday, claiming that it will boost “productivity and innovation” among Australian businesses.
The controversial legislation passed by 36 votes to 32 in the upper chamber, with irate Nationals senator Barnaby Joyce claiming that it will destroy the steel industry.
However, Combet said the tax would increase the competitiveness of Australian businesses of all sizes.
Berlusconi to step down
Italian prime minister Silvio Berlusconi has promised to resign, bolstering hopes of a solution to the European debt crisis.
Scandal-plagued Berlusconi said that he would step down “for the good of the country” to aid economic reforms that aim to prevent Italy’s debt destabilising the rest of the Eurozone.
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Malware exposes Apple flaws
A malicious piece of software aimed at iPhones and iPads is a “significant threat” to Apple’s app store, security experts have warned.
The malware was designed to show flaws in Apple’s security systems, raising concerns over the vulnerability of the platform.
The Dow Jones industrial average gained 87.94 points, or 0.73%, to 12,156.33. The Australian dollar was up to 103.84 US cents.